Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 09, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-35988 | |
Entity Registrant Name | Vislink Technologies, Inc. | |
Entity Central Index Key | 0001565228 | |
Entity Tax Identification Number | 20-5856795 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 350 Clark Drive | |
Entity Address, Address Line Two | Suite 125 | |
Entity Address, City or Town | Mt. Olive | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07828 | |
City Area Code | (908) | |
Local Phone Number | 852-3700 | |
Title of 12(b) Security | Common stock par value $0.00001 per share | |
Trading Symbol | VISL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,463,458 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 5,649,000 | $ 8,482,000 |
Accounts receivable, net | 9,517,000 | 8,680,000 |
Inventories, net | 14,883,000 | 14,029,000 |
Investments held to maturity | 5,886,000 | 5,731,000 |
Prepaid expenses and other current assets | 2,295,000 | 1,560,000 |
Total current assets | 38,230,000 | 38,482,000 |
Right of use assets, operating leases | 995,000 | 742,000 |
Property and equipment, net | 2,053,000 | 1,902,000 |
Intangible assets, net | 3,292,000 | 3,866,000 |
Total assets | 44,570,000 | 44,992,000 |
Current liabilities | ||
Accounts payable | 4,172,000 | 3,183,000 |
Accrued expenses | 1,669,000 | 1,578,000 |
Notes payable | 398,000 | |
Operating lease obligations, current | 744,000 | 463,000 |
Customer deposits and deferred revenue | 2,261,000 | 1,490,000 |
Total current liabilities | 9,244,000 | 6,714,000 |
Operating lease obligations, net of current portion | 655,000 | 755,000 |
Deferred tax liabilities | 436,000 | 546,000 |
Total liabilities | 10,335,000 | 8,015,000 |
Commitments and contingencies (See Note 11) | ||
Stockholders’ equity | ||
Series A Preferred stock, $0.00001 par value per share: -0- shares authorized on June 30, 2024, and December 31, 2023, respectively; -0- shares issued and outstanding on June 30, 2024, and December 31, 2023, respectively. | ||
Common stock, $0.00001 par value per share, 100,000,000 shares authorized on June 30, 2024, and December 31, 2023, respectively: Common stock, 2,452,482 and 2,439,923 were issued, and 2,452,349 and 2,439,790 were outstanding on June 30, 2024, and December 31, 2023, respectively. | ||
Additional paid-in capital | 348,349,000 | 347,507,000 |
Accumulated other comprehensive loss | (1,393,000) | (1,027,000) |
Treasury stock, at cost – 133 shares as of June 30, 2024, and December 31, 2023, respectively | (277,000) | (277,000) |
Accumulated deficit | (312,444,000) | (309,226,000) |
Total stockholders’ equity | 34,235,000 | 36,977,000 |
Total liabilities and stockholders’ equity | $ 44,570,000 | $ 44,992,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 0 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 2,452,482 | 2,439,923 |
Common stock, shares outstanding | 2,452,349 | 2,439,790 |
Treasury stock, shares | 133 | 133 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenue, net | $ 8,702,000 | $ 5,043,000 | $ 17,300,000 | $ 12,231,000 |
Cost of revenue and operating expenses | ||||
Cost of components and personnel | 3,806,000 | 2,361,000 | 7,361,000 | 5,675,000 |
Inventory valuation adjustments | 233,000 | 175,000 | 434,000 | 304,000 |
General and administrative expenses | 5,918,000 | 4,679,000 | 11,212,000 | 9,707,000 |
Research and development expenses | 966,000 | 908,000 | 1,765,000 | 1,675,000 |
Depreciation and amortization | 343,000 | 304,000 | 690,000 | 602,000 |
Total cost of revenue and operating expenses | 11,266,000 | 8,427,000 | 21,462,000 | 17,963,000 |
Loss from operations | (2,564,000) | (3,384,000) | (4,162,000) | (5,732,000) |
Other income (expense) | ||||
Unrealized gain (loss) on investments held to maturity | 82,000 | (35,000) | 145,000 | (63,000) |
Other income (loss) | (1,000) | (11,000) | 374,000 | 330,000 |
Dividend income | 72,000 | 128,000 | 138,000 | 219,000 |
Interest income, net | 87,000 | 220,000 | 178,000 | 353,000 |
Total other income | 240,000 | 302,000 | 835,000 | 839,000 |
Net loss before income taxes | (2,324,000) | (3,082,000) | (3,327,000) | (4,893,000) |
Income taxes | ||||
Deferred tax benefits | 54,000 | 54,000 | 109,000 | 109,000 |
Net loss | $ (2,270,000) | $ (3,028,000) | $ (3,218,000) | $ (4,784,000) |
Basic loss per share | $ (0.93) | $ (1.27) | $ (1.31) | $ (2.02) |
Diluted loss per share | $ (0.93) | $ (1.27) | $ (1.31) | $ (2.02) |
Weighted average number of shares outstanding: | ||||
Basic | 2,452 | 2,377 | 2,448 | 2,374 |
Diluted | 2,452 | 2,377 | 2,448 | 2,374 |
Comprehensive loss: | ||||
Net loss | $ (2,270,000) | $ (3,028,000) | $ (3,218,000) | $ (4,784,000) |
Unrealized gain (loss) on currency translation adjustment | (156,000) | 145,000 | (366,000) | 300,000 |
Comprehensive loss | $ (2,426,000) | $ (2,883,000) | $ (3,584,000) | $ (4,484,000) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | Total | |
Balance at Dec. 31, 2022 | [1] | $ 345,365,000 | $ (1,337,000) | $ (277,000) | $ (300,099,000) | $ 43,652,000 | ||
Balance, shares at Dec. 31, 2022 | [1] | 47,419 | 2,367,362 | |||||
Net loss | (4,784,000) | (4,784,000) | ||||||
Unrealized gain on currency translation adjustment | 300,000 | 300,000 | ||||||
Issuance of common stock in connection with: | ||||||||
Compensation awards for services previously accrued | 200,000 | 200,000 | ||||||
Stock-based compensation | 1,257,000 | 1,257,000 | ||||||
Compensation awards for services previously accrued, shares | 10,000 | |||||||
Elimination of Series A Preferred Stock | ||||||||
Elimination of Series A Preferred Stock, shares | (47,419) | |||||||
Balance at Jun. 30, 2023 | 346,822,000 | (1,037,000) | (277,000) | (304,883,000) | 40,625,000 | |||
Balance, shares at Jun. 30, 2023 | 2,377,362 | |||||||
Balance at Mar. 31, 2023 | [1] | 346,486,000 | (1,182,000) | (277,000) | (301,855,000) | 43,172,000 | ||
Balance, shares at Mar. 31, 2023 | [1] | 2,377,362 | ||||||
Net loss | (3,028,000) | (3,028,000) | ||||||
Unrealized gain on currency translation adjustment | 145,000 | 145,000 | ||||||
Issuance of common stock in connection with: | ||||||||
Stock-based compensation | 336,000 | 336,000 | ||||||
Balance at Jun. 30, 2023 | 346,822,000 | (1,037,000) | (277,000) | (304,883,000) | 40,625,000 | |||
Balance, shares at Jun. 30, 2023 | 2,377,362 | |||||||
Balance at Dec. 31, 2023 | 347,507,000 | (1,027,000) | (277,000) | (309,226,000) | 36,977,000 | |||
Balance, shares at Dec. 31, 2023 | 2,439,923 | |||||||
Net loss | (3,218,000) | (3,218,000) | ||||||
Unrealized gain on currency translation adjustment | (366,000) | (366,000) | ||||||
Issuance of common stock in connection with: | ||||||||
Compensation awards for services previously accrued | 160,000 | 160,000 | ||||||
Satisfaction with the conversion of restricted stock unit awards | ||||||||
Stock-based compensation | 682,000 | 682,000 | ||||||
Compensation awards for services previously accrued, shares | 8,000 | |||||||
Satisfaction with the conversion of restricted stock unit awards, shares | 4,559 | |||||||
Balance at Jun. 30, 2024 | 348,349,000 | (1,393,000) | (277,000) | (312,444,000) | 34,235,000 | |||
Balance, shares at Jun. 30, 2024 | 2,452,482 | |||||||
Balance at Mar. 31, 2024 | 348,131,000 | (1,237,000) | (277,000) | (310,174,000) | 36,443,000 | |||
Balance, shares at Mar. 31, 2024 | 2,452,482 | |||||||
Net loss | (2,270,000) | (2,270,000) | ||||||
Unrealized gain on currency translation adjustment | (156,000) | (156,000) | ||||||
Issuance of common stock in connection with: | ||||||||
Compensation awards for services previously accrued | ||||||||
Satisfaction with the conversion of restricted stock unit awards | ||||||||
Stock-based compensation | 218,000 | 218,000 | ||||||
Balance at Jun. 30, 2024 | $ 348,349,000 | $ (1,393,000) | $ (277,000) | $ (312,444,000) | $ 34,235,000 | |||
Balance, shares at Jun. 30, 2024 | 2,452,482 | |||||||
[1]In connection with the reverse stock split implemented by the Company on May 1, 2023, the Company’s stock transfer agent calculated a de minimus adjustment to the opening quantity of shares issued. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows used in operating activities | ||
Net loss | $ (3,218,000) | $ (4,784,000) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Gain on settlement of debt | ||
Deferred tax benefits | (109,000) | (109,000) |
Unrealized (gain) loss on the fair value of investments in bonds held to maturity | (145,000) | 63,000 |
Accretion of bond discount | (10,000) | (137,000) |
Stock-based compensation | 682,000 | 1,257,000 |
Stock issuance commitments | ||
Provision for bad debt | 104,000 | 38,000 |
Recovery of bad debt | (68,000) | (6,000) |
Inventory valuation adjustments | 434,000 | 304,000 |
Amortization of right-of-use assets, operating assets | 229,000 | 135,000 |
Depreciation and amortization | 690,000 | 602,000 |
Changes in assets and liabilities | ||
Accounts receivable | (784,000) | 323,000 |
Inventories | (978,000) | (1,196,000) |
Prepaid expenses and other current assets | (229,000) | (619,000) |
Accounts payable | 988,000 | 708,000 |
Accrued expenses | 92,000 | 68,000 |
Accrued director’s compensation | 160,000 | |
Operating lease obligations | (303,000) | (222,000) |
Customer deposits and deferred revenue | 771,000 | 381,000 |
Net cash used in operating activities | (1,694,000) | (3,194,000) |
Cash flows used in investing activities | ||
Cash used for investments held to maturity | (949,000) | (10,763,000) |
Proceeds from bond redemption | 950,000 | |
Cash used for property and equipment | (342,000) | (421,000) |
Net cash used in investing activities | (341,000) | (11,184,000) |
Cash flows used in financing activities | ||
Principal payments made on notes payable | (114,000) | (213,000) |
Net cash used in financing activities | (114,000) | (213,000) |
Effect of exchange rate changes on cash | (684,000) | (63,000) |
Net decrease in cash and cash equivalents | (2,833,000) | (14,654,000) |
Cash and cash equivalents, beginning of the period | 8,482,000 | 25,627,000 |
Cash and cash equivalents, end of the period | 5,649,000 | 10,973,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 6,000 | 6,000 |
Supplemental disclosure of non-cash information: | ||
Notes payable | 510,000 | 523,000 |
Common stock issued in connection with: | ||
Compensation awards previously accrued | 160,000 | 200,000 |
ROU assets and operating lease obligations recognized (Note 8): | ||
Operating lease assets recognized | 484,000 | |
Less: non-cash changes to operating lease assets amortization | (229,000) | (135,000) |
ROU assets and operating lease obligations recognized | 255,000 | (135,000) |
Operating lease liabilities recognized | 484,000 | |
Less: non-cash changes to operating lease liabilities accretion | (303,000) | (222,000) |
Operating lease liabilities recognized | $ 181,000 | $ (222,000) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure [Table] | ||||
Net Income (Loss) | $ (2,270) | $ (3,028) | $ (3,218) | $ (4,784) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Vislink Technologies, Inc., incorporated in Delaware in 2006, is a global technology business that collects, delivers, and manages high-quality, live video and associated data from the action scene to the viewing screen. We provide solutions for collecting live news, sports, entertainment, and news events for the broadcast markets and surveillance and defense markets with real-time video intelligence solutions using various tailored transmission products. Our team also provides professional and technical services utilizing a staff of technology experts with decades of applied knowledge and real-world experience in terrestrial microwave, fiber optic, surveillance, and wireless communications systems, delivering a broad spectrum of customer solutions. Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements, along with the notes herein, are intended to be reviewed in conjunction with Vislink Technologies, Inc.’s audited consolidated financial statements and the accompanying notes as detailed in the 2023 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (the “SEC”) on April 3, 2024 (the “Annual Report on Form 10-K”). The condensed consolidated balance sheet, as of December 31, 2023, originates from these audited statements without complete footnote disclosures typically found in audited annual statements. These unaudited condensed consolidated financial statements have been prepared to include all necessary adjustments, solely of a routine recurring nature, deemed essential for a fair presentation of the Company’s financial standing as of June 30, 2024, along with our results of operations for the three and six months ending on June 30 for both 2024 and 2023, and the cash flows for these periods. However, the results and position as of June 30, 2024, may not be indicative of our full-year 2024 financial condition and operating results. Given the interim nature of this 10-Q report, the detail and scope of accounting policies outlined here are less comprehensive than those found in the Annual Report on Form 10-K. Investors are encouraged to refer to NOTE 3 — Principles of Consolidation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America or (“U.S. GAAP”) as found in the Accounting Standards Codification (“ASC”), the Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC. The accompanying unaudited condensed consolidated financial statements include the Company’s accounts and wholly-owned subsidiaries. We have eliminated all intercompany accounts and transactions upon consolidating our subsidiaries. Segment Reporting In accordance with the Financial Accounting Standards Board’s (FASB) mandate, Vislink Technologies, Inc. adopted Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280), effective January 1, 2024. Initially issued by FASB in February 2023, this update revises the reporting requirements for operating segments of public entities to enhance the transparency and utility of segment reporting. Prior to this date, as disclosed in our Annual Report on Form 10-K, we had not yet formally adopted ASU 2023-07, which became mandatory for public entities in reporting periods beginning after December 15, 2023. We have concluded that we operate our company as a single reporting segment, and due to this structure, we believe we are only required to report in a single segment by ASU 2023-07. Accordingly, we believe the adoption of ASU 2023-07 has not significantly impacted our financial statements. VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Use of Estimates Preparing the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities in the unaudited condensed consolidated financial statements. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include the useful lives of property, plant, and equipment, the useful lives of right-of-use assets, the useful lives of intangible assets, impairment of long-lived assets, allowance for accounts receivable doubtful accounts, allowance for inventory obsolescence reserve, allowance for deferred tax assets, valuation of warranty reserves, contingent consideration liabilities, and the accrual of potential liabilities. These estimates also affect the reported revenues and expenses during the reporting periods. Actual results could differ from estimates, and any such differences may be material to our financial statements. Recently Issued Accounting Principles Recent Accounting Pronouncements Other recent accounting standards issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements. |
LIQUIDITY AND FINANCIAL CONDITI
LIQUIDITY AND FINANCIAL CONDITION | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
LIQUIDITY AND FINANCIAL CONDITION | NOTE 2 — LIQUIDITY AND FINANCIAL CONDITION For the six months ended June 30, 2024, the Company incurred an approximate $ 4.2 1.7 29.0 312.4 5.6 During the first quarter of 2024, the Company invested approximately $ 0.9 million of its cash reserves in federal bonds intended to be held to maturity. No additional investments were made during the second quarter of 2024. As of June 30, 2024, the Company held investments in federal bonds valued at $ 5.9 million, intended to be held to maturity, primarily seeking to generate investment income. Many factors may impact the Company’s liquidity requirements. These may include, but are not limited to, economic conditions, including inflation, foreign exchange, fluctuations, the markets in which we compete or wish to enter, strategic acquisitions, our market strategy, our research and development activities, regulatory matters, and technology and product innovations. The Company believes it will have sufficient funds to continue its operations for at least 12 months from the filing date of these financial statements. |
LOSS PER SHARE
LOSS PER SHARE | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
LOSS PER SHARE | NOTE 3 — LOSS PER SHARE The following table illustrates the anti-dilutive potential common stock equivalents excluded from the calculation of loss per share (in thousands): SCHEDULE OF ANTI-DILUTIVE POTENTIAL COMMON STOCK EQUIVALENTS EXCLUDE FROM CALCULATION OF LOSS PER SHARE 2024 2023 Six Months Ended June 30, 2024 2023 Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share: Stock options 74 85 Warrants 455 456 Total 529 541 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
FOREIGN CURRENCY AND OTHER COMP
FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES | 6 Months Ended |
Jun. 30, 2024 | |
Foreign Currency [Abstract] | |
FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES | NOTE 4 — FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES The Company has recognized foreign exchange gains and losses and changes in accumulated comprehensive income approximately as follows: SCHEDULE OF FOREIGN EXCHANGE AND CHANGE IN ACCUMULATED COMPREHENSIVE INCOME 2024 2023 2024 2023 Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 Net foreign exchange transactions: (Gains) Losses $ 16,000 $ 41,000 $ 30,000 $ (3,000 ) Accumulated comprehensive income: Unrealized (gains) losses on currency translation adjustment $ 156,000 $ (145,000 ) $ 366,000 $ (300,000 ) Amounts were converted from British Pounds to U.S. Dollars and Euros to British Pounds using the following exchange rates: ● As of June 30, 2024 – £ 1.263870 1.00 1.070310 1.00 ● The average exchange rate for the six months ended June 30, 2024 – £ 1.264895 1.00 1.081211 1.00 ● As of June 30, 2023 – £ 1.266150 1.00 1.088440 1.00 ● The average exchange rate for the six months ended June 30, 2023 – £ 1.233240 1.00 1.080655 1.00 |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 6 Months Ended |
Jun. 30, 2024 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 5 — CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments with an original maturity of six months or less at the time of purchase to be cash equivalents. Cash equivalents consist of unrestricted funds invested in a money market mutual fund. The following table illustrates the Company’s cash and cash equivalents: SCHEDULE OF CASH AND CASH EQUIVALENTS June 30, 2024 December 31, 2023 Cash on hand $ 1,706,000 $ 1,776,000 Federally insured money market mutual funds 3,943,000 6,706,000 Total cash and cash equivalents $ 5,649,000 $ 8,482,000 |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Investments, All Other Investments [Abstract] | |
INVESTMENTS | NOTE 6 — INVESTMENTS The Company identified the following active debt security investment transactions: ● On February 28, 2023, the Company purchased a bond, “Federal National Mortgage Association,” with a face and par value of $ 950,000 February 28, 2024 5.07 950,000 ● On October 11, 2023, the Company purchased a bond, “HSBC USA INC CP,” with a face value of $ 5,000,000 October 11, 2024 6.262291 4,711,000 4,920,000 ● On February 27, 2024, the Company acquired the “HSBC USA INC CP” bond with a face value of $ 1,000,000 February 12, 2025 5.48 949,400 966,000 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 6 — INVESTMENTS (continued) The Company’s investments held to maturity are as follows as of June 30, 2024: SCHEDULE OF INVESTMENTS HELD TO MATURITY Amortized Cost Unrealized Gains Unrealized Losses Fair Value Federal Bonds $ 5,673,000 $ 213,000 $ — $ 5,886,000 The Company has determined the fair value of its investments held to maturity based on Level 2 input as of June 30, 2024 SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS Quoted Prices in Active Markets of Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Federal Bonds $ — $ 5,886,000 $ — $ 5,886,000 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 7 — INTANGIBLE ASSETS The Company continuously monitors operating results, events, and circumstances that may indicate potential impairment of intangible assets. Management concluded that no triggering events occurred during the six months ending on June 30, 2024. The following table illustrates finite intangible assets as of June 30, 2024: SCHEDULE OF INTANGIBLE ASSETS Proprietary Technology Patents and Licenses Trade Names & Technology Customer Relationships Accumulated Accumulated Accumulated Accumulated Cost Amortization Cost Amortization Cost Amortization Cost Amortization Net Balance, January 1, 2024 $ 2,132,000 $ (1,408,000 ) $ 12,378,000 $ (12,378,000 ) $ 2,251,000 $ (1,327,000 ) $ 5,591,000 $ (3,373,000 ) $ 3,866,000 Amortization — (295,000 ) — — — (69,000 ) — (210,000 ) (574,000 ) Balance, June 30, 2024 $ 2,132,000 $ (1,703,000 ) $ 12,378,000 $ (12,378,000 ) $ 2,251,000 $ (1,396,000 ) $ 5,591,000 $ (3,583,000 ) $ 3,292,000 The Company’s groups of intangible assets consist primarily of: Proprietary Technology: Generally, the Company amortizes proprietary technology over 3 5 Patents and Licenses: Patents and licenses filed by the Company are amortized for 18.5 20 Trade Name, Technology, and Customer Relationships: Other intangible assets are amortized for 3 15 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 7 — INTANGIBLE ASSETS (continued) The Company has recognized net capitalized intangible costs as follows: SCHEDULE OF CAPITALIZED INTANGIBLE COSTS June 30, December 31, 2024 2023 Proprietary Technology $ 431,000 $ 726,000 Trade Names and Technology 854,000 922,000 Customer Relationships 2,007,000 2,218,000 Net capitalized intangible costs $ 3,292,000 $ 3,866,000 The Company has recognized the amortization of intangible assets as follows: SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS 2024 2023 2024 2023 Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Proprietary Technology $ 147,000 $ 148,000 $ 295,000 $ 294,000 Trade Names and Technology 35,000 34,000 69,000 69,000 Customer Relationships 105,000 64,000 210,000 127,000 Amortization of intangible assets $ 287,000 $ 246,000 $ 574,000 $ 490,000 The weighted average remaining life of the amortization of the Company’s intangible assets is approximately 4.9 SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS Period ending June 30, 2025 $ 749,000 2026 710,000 2027 384,000 2028 288,000 2029 288,000 Thereafter 873,000 Intangible assets, estimated amortization expense $ 3,292,000 The Company continuously monitors intangible assets for potential impairments based on operating results, events, and circumstances. As of June 30, 2024, management identified no triggering events. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
LEASES | NOTE 8 — LEASES In addition to leasing office spaces, operational sites, and storage facilities, the Company also rents warehouse facilities internationally and within the country. As of June 30, 2024, these operating leases feature a variety of terms and conditions, with lease lengths ranging from one to four years. Certain leases contain clauses for rent increases and concessions, which result in higher rental payments during the final years of the lease term. These agreements are recognized using the straight-line method over the lease’s minimum duration. During those periods, there were no significant adjustments to the straight-line rental expenses. Most costs accounted for in each period were reflected in the cash spent on operating activities, mainly covering payments for the basic rent of offices and warehouses. Additionally, we can renew certain leases at various intervals, though we are not obligated to do so. Expenses associated with short-term leases, taxes, and variable service fees were minimal. As of June 30, 2024, the Company reported Right-of-Use (ROU) assets totaling approximately $ 1.0 1.7 1.4 0.7 0.7 2.0 January 2025 and May 2027 8.9 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 8 — LEASES (continued) Poway, CA Lease Renewal On February 12, 2024, Vislink Poway, LLC signed a renewal agreement with CPI Apartment Fund 10 LLC for the premises at 13475 Danielson Street, Suite 100, 130, and 160, Poway, California. The renewal term is set for one year and ten and one-half months, commencing on March 14, 2024, and ending on January 31, 2026. The base rent for the renewal period was established at $ 22,926 484,000 The following table illustrates operating lease data for the three and six months ending June 30, 2024, and 2023: SCHEDULE OF OPERATING LEASE DATA 2024 2023 2024 2023 Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Lease cost: Operating lease cost $ 173,000 $ 103,000 $ 292,000 $ 206,000 Short-term lease cost 9,000 10,000 83,000 20,000 Total lease cost $ 182,000 $ 113,000 $ 375,000 $ 226,000 Cash paid for lease liabilities: Cash flows from operating leases $ 358,000 $ 325,000 Right of use assets obtained in exchange for new operating lease liabilities $ 484,000 $ — Weighted-average remaining lease term—operating leases 2.0 3.1 Weighted-average discount rate—operating leases 8.9 % 9.5 % The following table illustrates the maturities of our operating lease liabilities as of June 30, 2024: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES Amount 2025 $ 837,000 2026 512,000 2027 185,000 2028 — 2029 — Thereafter — Total lease payments 1,534,000 Less: imputed interest 135,000 Present value of lease liabilities 1,399,000 Less: Current lease liabilities 744,000 Non-current lease liabilities $ 655,000 The following table outlines the locations and lease termination dates for the Company’s ROU assets under operating leases for the years 2025 to 2027: SCHEDULE OF LEASE OBLIGATIONS ASSUMED Location Square Footage Lease-End Date Approximate Future Payments Colchester, U.K. – Waterside House 13,223 Dec 2025 $ 372,000 Lutton, U.K. 600 Jan 2025 17,000 Billerica, MA 2,000 Dec 2026 266,000 Mount Olive, NJ 7,979 May 2027 404,000 Trivex, Singapore 950 Aug 2025 41,000 Poway, CA 11,715 Jan 2026 434,000 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 9— STOCKHOLDERS’ EQUITY Preferred stock On March 22, 2023, the Company’s Board of Directors approved a resolution to eliminate the Company’s Certificate of Designation, Preferences, and Rights (the “Certificate of Elimination”) of the Series A Preferred Stock, par value of $ 0.00001 Upon the effective filing of the Certificate of Elimination, the shares previously designated under the certificate of designation as Series A Preferred Stock shall resume the status of authorized but unissued shares of the Company’s preferred stock. As of June 30, 2024, - 0 no Common stock Other common stock activity During the six months that ended June 30, 2024, the Company has: ● Issued 8,000 160,000 ● Issued 4,559 ● Recognized approximately $ 682,000 Common stock warrants As of June 30, 2024, warrants to purchase 1,500 454,580 65.00 1.6 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 10 — STOCK-BASED COMPENSATION Inducement Awards: The Company grants time-vested and performance-based stock options under inducement awards, consistent with NASDAQ Listing Rule 5653(c)(4). These inducement awards, granted outside of our existing equity compensation plans, are designed to reward employees for their commitment and performance toward achieving our strategic goals. Time-based and Performance-based Inducement Stock Option Awards The Company’s inducement stock option awards are generally granted with vesting terms based on time or performance-based criteria. Performance-based awards are tied to achieving specific financial metrics, aligning employee rewards with the Company’s success. The Company granted time-vested stock options and performance-based stock options to various employees in connection with their employment agreements. The ten-year, non-statutory time-vested, and performance-based option inducement awards were granted under the NASDAQ Listing Rule 5653(c)(4) outside of the Company’s existing equity compensation plans (all subject to continued employment). VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 10 — STOCK-BASED COMPENSATION (continued) Inducement Awards (continued): Time-based and Performance-Based Inducement Restricted Stock Unit Awards The Company’s inducement-restricted stock units (“RSUs”) are generally granted with vesting terms based on time or performance-based criteria. Performance-based RSUs are tied to achieving specific financial metrics and aligning employee rewards with the Company’s success. The Company granted awards under the amended plan for time-based RSUs to various employees subject to continued employment. The RSUs initially vest between 25% and 33% on their one-year anniversary dates and will vest between 24 and 36 equal monthly periods thereafter. Additionally, the Company granted awards under the amended plan for performance-based restricted stock units subject to performance vesting conditions and continued employment. The RSUs will vest in three equal tranches upon reaching performance conditions for each tranche. 2023 Omnibus Equity Incentive Plan The Company received stockholder approval on August 23, 2023, to adopt the 2023 Omnibus Equity Incentive Plan (the “2023 Plan”), which will enable it to continue to grant equity-based compensation awards under a shareholder-approved plan to employees (including officers), non-employee consultants, non-employee directors, and affiliates. The 2023 Plan replaces the 2015 Incentive Compensation Plan, 2016 Incentive Compensation Plan, and 2017 Incentive Compensation Plan. The Company has ceased granting awards under the 2015 Incentive Compensation Plan, 2016 Incentive Compensation Plan, and 2017 Incentive Compensation Plan. The Company reserves 166,415 The 2023 Plan generally grants awards without consideration other than prior and future service. The Company’s compensation committee may grant awards under the 2023 Plan either alone or in addition to, in tandem with, or as a substitute for any other award granted under the 2023 Plan or other company plans. It is important to note, however, that if a SAR is granted in conjunction with an ISO, the grant date and term of the SAR and ISO must be the same, and the exercise price of the SAR cannot be lower than the exercise price of the ISO. A written award agreement between us and the grantee will outline the material terms of the award. Summary of stock-based compensation for all equity award plans The table below shows stock-based compensation expenses, included in general and administrative expenses, SCHEDULE OF STOCK BASED COMPENSATION EXPENSE 2024 2023 2024 2023 Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 Equity-based plans: Time-vested option inducement awards $ 101,000 $ 37,000 $ 113,000 $ 107000 Time-based restricted stock awards 117,000 299,000 569,000 1,150000 Stock-based compensation expense $ 218,000 $ 336,000 $ 682,000 $ 1,257,000 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 11 — COMMITMENTS AND CONTINGENCIES Pension: The Company may make a matching contribution to its employees’ 401(k) plan. Furthermore, Vislink operates a Group Personal Plan through its U.K. subsidiary, investing funds with Royal London. Employees of the Company in the United Kingdom are entitled to participate in the Company’s employee benefit plan, to which varying amounts are contributed according to their status. Additionally, the Company operates a stakeholder pension plan in the United Kingdom. The table below represents the Company’s matching contributions as follows: SCHEDULE OF MATCHING CONTRIBUTIONS Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 Company matching contributions - Group Personal Pension Plan $ 30,000 $ 35,000 $ 65,000 $ 68,000 |
CONCENTRATIONS
CONCENTRATIONS | 6 Months Ended |
Jun. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS | NOTE 12 — CONCENTRATIONS Customer concentration risk During the three months ending June 30, 2024, the Company observed sales to two customers amounting to $ 1,341,000 15 1,062,000 12 As of June 30, 2024, two customers owed the Company approximately $ 1,060,000 1,058,000 11 925,000 688,000 16 12 Vendor concentration risk In the three months ending June 30, 2024, purchases from one vendor amounted to $ 984,000 25 1,792,000 25 741,000 10 In the three months ending June 30, 2023, two vendors exceeded 10% of the Company’s consolidated purchases with approximately $ 465,000 323,000 15 10 595,000 587,000 As of June 30, 2024, one vendor exceeded 10% of the Company’s consolidated accounts payable of approximately $ 938,000 22 610,000 18 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | NOTE 13 – REVENUE The Company has one operating segment, and the decision-making group is the senior executive management team. In the following table, the Company disaggregated revenue by the Company’s primary geographical markets and revenue sources: SCHEDULE OF DISAGGREGATION OF REVENUE Three months Ended Six months Ended June 30, June 30, 2024 2023 2024 2023 Primary geographical markets: North America $ 4,013,000 $ 1,721,000 $ 7,785,000 $ 4,888,000 South America 2,000 38,000 18,000 227,000 Europe 2,503,000 1,593,000 4,880,000 3,436,000 Asia 404,000 1,305,000 1,109,000 2,024,000 Rest of World 1,780,000 386,000 3,508,000 1,656,000 $ 8,702,000 $ 5,043,000 $ 17,300,000 $ 12,231,000 Primary revenue source: Equipment sales $ 8,097,000 $ 4,279,000 $ 15,460,000 $ 10,673,000 Installation, integration, and repairs 225,000 263,000 1,109,000 749,000 Warranties 380,000 501,000 731,000 809,000 $ 8,702,000 $ 5,043,000 $ 17,300,000 $ 12,231,000 Long-Lived Assets: United States $ 3,293,000 $ 2,174,000 Netherlands 24,000 23,000 United Kingdom 3,023,000 4,397,000 $ 6,340,000 $ 6,594,000 |
REBATES
REBATES | 6 Months Ended |
Jun. 30, 2024 | |
Rebates | |
REBATES | NOTE 14 — REBATES The Company has been applying for tax rebates related to the research costs incurred by our U.K. subsidiary. During the six months ended June 30, 2024, the Company recognized $ 374,000 329,000 While the Company plans to continue filing rebate forms for the 2024 fiscal year, it cannot guarantee that rebates will be available at a similar level or at all in future years. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 15 — SUBSEQUENT EVENTS Under ASC 855-10, the Company has analyzed its operations subsequent to June 30, 2024. It has determined that it does not have any other material subsequent events to disclose in these unaudited condensed consolidated financial statements. |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Vislink Technologies, Inc., incorporated in Delaware in 2006, is a global technology business that collects, delivers, and manages high-quality, live video and associated data from the action scene to the viewing screen. We provide solutions for collecting live news, sports, entertainment, and news events for the broadcast markets and surveillance and defense markets with real-time video intelligence solutions using various tailored transmission products. Our team also provides professional and technical services utilizing a staff of technology experts with decades of applied knowledge and real-world experience in terrestrial microwave, fiber optic, surveillance, and wireless communications systems, delivering a broad spectrum of customer solutions. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements, along with the notes herein, are intended to be reviewed in conjunction with Vislink Technologies, Inc.’s audited consolidated financial statements and the accompanying notes as detailed in the 2023 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (the “SEC”) on April 3, 2024 (the “Annual Report on Form 10-K”). The condensed consolidated balance sheet, as of December 31, 2023, originates from these audited statements without complete footnote disclosures typically found in audited annual statements. These unaudited condensed consolidated financial statements have been prepared to include all necessary adjustments, solely of a routine recurring nature, deemed essential for a fair presentation of the Company’s financial standing as of June 30, 2024, along with our results of operations for the three and six months ending on June 30 for both 2024 and 2023, and the cash flows for these periods. However, the results and position as of June 30, 2024, may not be indicative of our full-year 2024 financial condition and operating results. Given the interim nature of this 10-Q report, the detail and scope of accounting policies outlined here are less comprehensive than those found in the Annual Report on Form 10-K. Investors are encouraged to refer to NOTE 3 — |
Principles of Consolidation | Principles of Consolidation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America or (“U.S. GAAP”) as found in the Accounting Standards Codification (“ASC”), the Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC. The accompanying unaudited condensed consolidated financial statements include the Company’s accounts and wholly-owned subsidiaries. We have eliminated all intercompany accounts and transactions upon consolidating our subsidiaries. |
Segment Reporting | Segment Reporting In accordance with the Financial Accounting Standards Board’s (FASB) mandate, Vislink Technologies, Inc. adopted Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280), effective January 1, 2024. Initially issued by FASB in February 2023, this update revises the reporting requirements for operating segments of public entities to enhance the transparency and utility of segment reporting. Prior to this date, as disclosed in our Annual Report on Form 10-K, we had not yet formally adopted ASU 2023-07, which became mandatory for public entities in reporting periods beginning after December 15, 2023. We have concluded that we operate our company as a single reporting segment, and due to this structure, we believe we are only required to report in a single segment by ASU 2023-07. Accordingly, we believe the adoption of ASU 2023-07 has not significantly impacted our financial statements. VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Use of Estimates | Use of Estimates Preparing the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities in the unaudited condensed consolidated financial statements. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include the useful lives of property, plant, and equipment, the useful lives of right-of-use assets, the useful lives of intangible assets, impairment of long-lived assets, allowance for accounts receivable doubtful accounts, allowance for inventory obsolescence reserve, allowance for deferred tax assets, valuation of warranty reserves, contingent consideration liabilities, and the accrual of potential liabilities. These estimates also affect the reported revenues and expenses during the reporting periods. Actual results could differ from estimates, and any such differences may be material to our financial statements. |
Recently Issued Accounting Principles | Recently Issued Accounting Principles Recent Accounting Pronouncements Other recent accounting standards issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements. |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF ANTI-DILUTIVE POTENTIAL COMMON STOCK EQUIVALENTS EXCLUDE FROM CALCULATION OF LOSS PER SHARE | The following table illustrates the anti-dilutive potential common stock equivalents excluded from the calculation of loss per share (in thousands): SCHEDULE OF ANTI-DILUTIVE POTENTIAL COMMON STOCK EQUIVALENTS EXCLUDE FROM CALCULATION OF LOSS PER SHARE 2024 2023 Six Months Ended June 30, 2024 2023 Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share: Stock options 74 85 Warrants 455 456 Total 529 541 |
FOREIGN CURRENCY AND OTHER CO_2
FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Foreign Currency [Abstract] | |
SCHEDULE OF FOREIGN EXCHANGE AND CHANGE IN ACCUMULATED COMPREHENSIVE INCOME | The Company has recognized foreign exchange gains and losses and changes in accumulated comprehensive income approximately as follows: SCHEDULE OF FOREIGN EXCHANGE AND CHANGE IN ACCUMULATED COMPREHENSIVE INCOME 2024 2023 2024 2023 Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 Net foreign exchange transactions: (Gains) Losses $ 16,000 $ 41,000 $ 30,000 $ (3,000 ) Accumulated comprehensive income: Unrealized (gains) losses on currency translation adjustment $ 156,000 $ (145,000 ) $ 366,000 $ (300,000 ) |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Cash and Cash Equivalents [Abstract] | |
SCHEDULE OF CASH AND CASH EQUIVALENTS | SCHEDULE OF CASH AND CASH EQUIVALENTS June 30, 2024 December 31, 2023 Cash on hand $ 1,706,000 $ 1,776,000 Federally insured money market mutual funds 3,943,000 6,706,000 Total cash and cash equivalents $ 5,649,000 $ 8,482,000 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, All Other Investments [Abstract] | |
SCHEDULE OF INVESTMENTS HELD TO MATURITY | The Company’s investments held to maturity are as follows as of June 30, 2024: SCHEDULE OF INVESTMENTS HELD TO MATURITY Amortized Cost Unrealized Gains Unrealized Losses Fair Value Federal Bonds $ 5,673,000 $ 213,000 $ — $ 5,886,000 |
SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS | The Company has determined the fair value of its investments held to maturity based on Level 2 input as of June 30, 2024 SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS Quoted Prices in Active Markets of Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Federal Bonds $ — $ 5,886,000 $ — $ 5,886,000 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | The following table illustrates finite intangible assets as of June 30, 2024: SCHEDULE OF INTANGIBLE ASSETS Proprietary Technology Patents and Licenses Trade Names & Technology Customer Relationships Accumulated Accumulated Accumulated Accumulated Cost Amortization Cost Amortization Cost Amortization Cost Amortization Net Balance, January 1, 2024 $ 2,132,000 $ (1,408,000 ) $ 12,378,000 $ (12,378,000 ) $ 2,251,000 $ (1,327,000 ) $ 5,591,000 $ (3,373,000 ) $ 3,866,000 Amortization — (295,000 ) — — — (69,000 ) — (210,000 ) (574,000 ) Balance, June 30, 2024 $ 2,132,000 $ (1,703,000 ) $ 12,378,000 $ (12,378,000 ) $ 2,251,000 $ (1,396,000 ) $ 5,591,000 $ (3,583,000 ) $ 3,292,000 |
SCHEDULE OF CAPITALIZED INTANGIBLE COSTS | The Company has recognized net capitalized intangible costs as follows: SCHEDULE OF CAPITALIZED INTANGIBLE COSTS June 30, December 31, 2024 2023 Proprietary Technology $ 431,000 $ 726,000 Trade Names and Technology 854,000 922,000 Customer Relationships 2,007,000 2,218,000 Net capitalized intangible costs $ 3,292,000 $ 3,866,000 |
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS | The Company has recognized the amortization of intangible assets as follows: SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS 2024 2023 2024 2023 Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Proprietary Technology $ 147,000 $ 148,000 $ 295,000 $ 294,000 Trade Names and Technology 35,000 34,000 69,000 69,000 Customer Relationships 105,000 64,000 210,000 127,000 Amortization of intangible assets $ 287,000 $ 246,000 $ 574,000 $ 490,000 |
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS | The weighted average remaining life of the amortization of the Company’s intangible assets is approximately 4.9 SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS Period ending June 30, 2025 $ 749,000 2026 710,000 2027 384,000 2028 288,000 2029 288,000 Thereafter 873,000 Intangible assets, estimated amortization expense $ 3,292,000 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
SCHEDULE OF OPERATING LEASE DATA | The following table illustrates operating lease data for the three and six months ending June 30, 2024, and 2023: SCHEDULE OF OPERATING LEASE DATA 2024 2023 2024 2023 Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Lease cost: Operating lease cost $ 173,000 $ 103,000 $ 292,000 $ 206,000 Short-term lease cost 9,000 10,000 83,000 20,000 Total lease cost $ 182,000 $ 113,000 $ 375,000 $ 226,000 Cash paid for lease liabilities: Cash flows from operating leases $ 358,000 $ 325,000 Right of use assets obtained in exchange for new operating lease liabilities $ 484,000 $ — Weighted-average remaining lease term—operating leases 2.0 3.1 Weighted-average discount rate—operating leases 8.9 % 9.5 % |
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES | The following table illustrates the maturities of our operating lease liabilities as of June 30, 2024: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES Amount 2025 $ 837,000 2026 512,000 2027 185,000 2028 — 2029 — Thereafter — Total lease payments 1,534,000 Less: imputed interest 135,000 Present value of lease liabilities 1,399,000 Less: Current lease liabilities 744,000 Non-current lease liabilities $ 655,000 |
SCHEDULE OF LEASE OBLIGATIONS ASSUMED | The following table outlines the locations and lease termination dates for the Company’s ROU assets under operating leases for the years 2025 to 2027: SCHEDULE OF LEASE OBLIGATIONS ASSUMED Location Square Footage Lease-End Date Approximate Future Payments Colchester, U.K. – Waterside House 13,223 Dec 2025 $ 372,000 Lutton, U.K. 600 Jan 2025 17,000 Billerica, MA 2,000 Dec 2026 266,000 Mount Olive, NJ 7,979 May 2027 404,000 Trivex, Singapore 950 Aug 2025 41,000 Poway, CA 11,715 Jan 2026 434,000 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
SCHEDULE OF STOCK BASED COMPENSATION EXPENSE | The table below shows stock-based compensation expenses, included in general and administrative expenses, SCHEDULE OF STOCK BASED COMPENSATION EXPENSE 2024 2023 2024 2023 Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 Equity-based plans: Time-vested option inducement awards $ 101,000 $ 37,000 $ 113,000 $ 107000 Time-based restricted stock awards 117,000 299,000 569,000 1,150000 Stock-based compensation expense $ 218,000 $ 336,000 $ 682,000 $ 1,257,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF MATCHING CONTRIBUTIONS | The table below represents the Company’s matching contributions as follows: SCHEDULE OF MATCHING CONTRIBUTIONS Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 Company matching contributions - Group Personal Pension Plan $ 30,000 $ 35,000 $ 65,000 $ 68,000 |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
SCHEDULE OF DISAGGREGATION OF REVENUE | The Company has one operating segment, and the decision-making group is the senior executive management team. In the following table, the Company disaggregated revenue by the Company’s primary geographical markets and revenue sources: SCHEDULE OF DISAGGREGATION OF REVENUE Three months Ended Six months Ended June 30, June 30, 2024 2023 2024 2023 Primary geographical markets: North America $ 4,013,000 $ 1,721,000 $ 7,785,000 $ 4,888,000 South America 2,000 38,000 18,000 227,000 Europe 2,503,000 1,593,000 4,880,000 3,436,000 Asia 404,000 1,305,000 1,109,000 2,024,000 Rest of World 1,780,000 386,000 3,508,000 1,656,000 $ 8,702,000 $ 5,043,000 $ 17,300,000 $ 12,231,000 Primary revenue source: Equipment sales $ 8,097,000 $ 4,279,000 $ 15,460,000 $ 10,673,000 Installation, integration, and repairs 225,000 263,000 1,109,000 749,000 Warranties 380,000 501,000 731,000 809,000 $ 8,702,000 $ 5,043,000 $ 17,300,000 $ 12,231,000 Long-Lived Assets: United States $ 3,293,000 $ 2,174,000 Netherlands 24,000 23,000 United Kingdom 3,023,000 4,397,000 $ 6,340,000 $ 6,594,000 |
LIQUIDITY AND FINANCIAL CONDI_2
LIQUIDITY AND FINANCIAL CONDITION (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Loss from operations | $ 2,564,000 | $ 3,384,000 | $ 4,162,000 | $ 5,732,000 | ||
Cash used in operating activities | 1,694,000 | $ 3,194,000 | ||||
Working capital | 29,000,000 | 29,000,000 | ||||
Accumulated deficits | 312,444,000 | 312,444,000 | $ 309,226,000 | |||
Cash and cash equivalents | 5,649,000 | 5,649,000 | $ 8,482,000 | |||
Securities Reserve Deposit Required and Made | $ 900,000 | |||||
Investments | $ 5,900,000 | $ 5,900,000 |
SCHEDULE OF ANTI-DILUTIVE POTEN
SCHEDULE OF ANTI-DILUTIVE POTENTIAL COMMON STOCK EQUIVALENTS EXCLUDE FROM CALCULATION OF LOSS PER SHARE (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share: | ||
Total | 529 | 541 |
Share-Based Payment Arrangement, Option [Member] | ||
Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share: | ||
Total | 74 | 85 |
Warrant [Member] | ||
Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share: | ||
Total | 455 | 456 |
SCHEDULE OF FOREIGN EXCHANGE AN
SCHEDULE OF FOREIGN EXCHANGE AND CHANGE IN ACCUMULATED COMPREHENSIVE INCOME (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Foreign Currency [Abstract] | ||||
(Gains) Losses | $ 16,000 | $ 41,000 | $ 30,000 | $ (3,000) |
Unrealized (gains) losses on currency translation adjustment | $ 156,000 | $ (145,000) | $ 366,000 | $ (300,000) |
FOREIGN CURRENCY AND OTHER CO_3
FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES (Details Narrative) | Jun. 30, 2024 | Jun. 30, 2023 |
GBP to USD [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 1 | 1 |
Average foreign currency exchange rate remeasurement | 1 | 1 |
Euro to GBP [Member] | GBP [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 1 | 1 |
Average foreign currency exchange rate remeasurement | 1 | 1 |
Period End GBP to $1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 1.263870 | 1.266150 |
Period End EUR to $1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 1.070310 | 1.088440 |
Period Average GBP to $1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 1.264895 | 1.233240 |
Period Average EUR to $1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 1.081211 | 1.080655 |
SCHEDULE OF CASH AND CASH EQUIV
SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Abstract] | ||
Cash on hand | $ 1,706,000 | $ 1,776,000 |
Federally insured money market mutual funds | 3,943,000 | 6,706,000 |
Total cash and cash equivalents | $ 5,649,000 | $ 8,482,000 |
SCHEDULE OF INVESTMENTS HELD TO
SCHEDULE OF INVESTMENTS HELD TO MATURITY (Details) - Federal Bonds [Member] $ in Thousands | Jun. 30, 2024 USD ($) |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Investments held to maturity, amortized cost | $ 5,673,000 |
Investments held to maturity, unrealized gain | 213,000 |
Investments held to maturity, unrealized loss | |
Investments held to maturity, fair value | $ 5,886,000 |
SCHEDULE OF FAIR VALUE OF ITS I
SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Platform Operator, Crypto Asset [Line Items] | |
Investments, fair value disclosure | $ 5,886,000 |
Fair Value, Inputs, Level 1 [Member] | |
Platform Operator, Crypto Asset [Line Items] | |
Investments, fair value disclosure | |
Fair Value, Inputs, Level 2 [Member] | |
Platform Operator, Crypto Asset [Line Items] | |
Investments, fair value disclosure | 5,886,000 |
Fair Value, Inputs, Level 3 [Member] | |
Platform Operator, Crypto Asset [Line Items] | |
Investments, fair value disclosure |
INVESTMENTS (Details Narrative)
INVESTMENTS (Details Narrative) - USD ($) | Jun. 30, 2024 | Feb. 27, 2024 | Oct. 11, 2023 | Feb. 28, 2023 |
Federal National Mortgage Association [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Balance, Principal Amount | $ 950,000 | |||
Investment Owned, Fair Value | $ 950,000 | |||
Investment Maturity Date | Feb. 28, 2024 | |||
Investment Interest Rate | 5.07% | |||
HSBC USA INC CP [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Balance, Principal Amount | $ 5,000,000 | |||
Investment Owned, Fair Value | $ 4,920,000 | $ 4,711,000 | ||
Investment Maturity Date | Oct. 11, 2024 | |||
Investment Interest Rate | 6.26229% | |||
HSBC USA INC CP One [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Balance, Principal Amount | $ 1,000,000 | |||
Investment Owned, Fair Value | $ 966,000 | $ 949,400 | ||
Investment Maturity Date | Feb. 12, 2025 | |||
Investment Interest Rate | 5.48% |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Beginning balance net | $ 3,866,000 | |||
Intangible assets, net Amortization | $ (287,000) | $ (246,000) | (574,000) | $ (490,000) |
Ending balance net | 3,292,000 | 3,292,000 | ||
Proprietary Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Beginning balance cost | 2,132,000 | |||
Beginning balance, accumulated amortization | (1,408,000) | |||
Intangible assets, net Amortization | (147,000) | (148,000) | (295,000) | (294,000) |
Ending balance cost | 2,132,000 | 2,132,000 | ||
Ending balance, accumulated Amortization | (1,703,000) | (1,703,000) | ||
Patents and Licenses [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Beginning balance cost | 12,378,000 | |||
Beginning balance, accumulated amortization | (12,378,000) | |||
Intangible assets, net Amortization | ||||
Ending balance cost | 12,378,000 | 12,378,000 | ||
Ending balance, accumulated Amortization | (12,378,000) | (12,378,000) | ||
Trade Names and Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Beginning balance cost | 2,251,000 | |||
Beginning balance, accumulated amortization | (1,327,000) | |||
Intangible assets, net Amortization | (35,000) | (34,000) | (69,000) | (69,000) |
Ending balance cost | 2,251,000 | 2,251,000 | ||
Ending balance, accumulated Amortization | (1,396,000) | (1,396,000) | ||
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Beginning balance cost | 5,591,000 | |||
Beginning balance, accumulated amortization | (3,373,000) | |||
Intangible assets, net Amortization | (105,000) | $ (64,000) | (210,000) | $ (127,000) |
Ending balance cost | 5,591,000 | 5,591,000 | ||
Ending balance, accumulated Amortization | $ (3,583,000) | $ (3,583,000) |
SCHEDULE OF CAPITALIZED INTANGI
SCHEDULE OF CAPITALIZED INTANGIBLE COSTS (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Net capitalized intangible costs | $ 3,292,000 | $ 3,866,000 |
Proprietary Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net capitalized intangible costs | 431,000 | 726,000 |
Trade Names and Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net capitalized intangible costs | 854,000 | 922,000 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net capitalized intangible costs | $ 2,007,000 | $ 2,218,000 |
SCHEDULE OF AMORTIZATION OF INT
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 287,000 | $ 246,000 | $ 574,000 | $ 490,000 |
Proprietary Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 147,000 | 148,000 | 295,000 | 294,000 |
Trade Names and Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 35,000 | 34,000 | 69,000 | 69,000 |
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 105,000 | $ 64,000 | $ 210,000 | $ 127,000 |
SCHEDULE OF ESTIMATED AMORTIZAT
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2025 | $ 749,000 | |
2026 | 710,000 | |
2027 | 384,000 | |
2028 | 288,000 | |
2029 | 288,000 | |
Thereafter | 873,000 | |
Intangible assets, estimated amortization expense | $ 3,292,000 | $ 3,866,000 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) | Jun. 30, 2024 |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, remaining amortization period | 4 years 10 months 24 days |
Proprietary Technology [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 3 years |
Proprietary Technology [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 5 years |
Patents and Licenses [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 18 years 6 months |
Patents and Licenses [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 20 years |
Trade Names and Technology [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 3 years |
Trade Names and Technology [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 15 years |
SCHEDULE OF OPERATING LEASE DAT
SCHEDULE OF OPERATING LEASE DATA (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease cost | $ 173,000 | $ 103,000 | $ 292,000 | $ 206,000 |
Short-term lease cost | 9,000 | 10,000 | 83,000 | 20,000 |
Total lease cost | $ 182,000 | $ 113,000 | 375,000 | 226,000 |
Cash flows from operating leases | 358,000 | 325,000 | ||
Right of use assets obtained in exchange for new operating lease liabilities | $ 484,000 | |||
Weighted-average remaining lease term-operating leases | 2 years | 3 years 1 month 6 days | 2 years | 3 years 1 month 6 days |
Weighted-average discount rate-operating leases | 8.90% | 9.50% | 8.90% | 9.50% |
SCHEDULE OF FUTURE MINIMUM RENT
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
2025 | $ 837,000 | |
2026 | 512 | |
2027 | 185 | |
2028 | ||
2029 | ||
Thereafter | ||
Total lease payments | 1,534 | |
Less: imputed interest | 135 | |
Present value of lease liabilities | 1,399 | |
Less: Current lease liabilities | 744 | $ 463 |
Non-current lease liabilities | $ 655 | $ 755 |
SCHEDULE OF LEASE OBLIGATIONS A
SCHEDULE OF LEASE OBLIGATIONS ASSUMED (Details) | 6 Months Ended |
Jun. 30, 2024 USD ($) ft² | |
Approximate Future Payments | $ 1,534,000 |
Colchester, U.K. - Waterside House [Member] | |
Area of land | ft² | 13,223 |
Lease-End Month | Dec |
Lease-End Year | 2025 |
Approximate Future Payments | $ 372,000 |
Lutton, UK [Member] | |
Area of land | ft² | 600 |
Lease-End Month | Jan |
Lease-End Year | 2025 |
Approximate Future Payments | $ 17,000 |
Billerica, MA [Member] | |
Area of land | ft² | 2,000 |
Lease-End Month | Dec |
Lease-End Year | 2026 |
Approximate Future Payments | $ 266,000 |
Mount Olive, NJ [Member] | |
Area of land | ft² | 7,979 |
Lease-End Month | May |
Lease-End Year | 2027 |
Approximate Future Payments | $ 404,000 |
Trivex Singapore [Member] | |
Area of land | ft² | 950 |
Lease-End Month | Aug |
Lease-End Year | 2025 |
Approximate Future Payments | $ 41,000 |
Poway CA [Member] | |
Area of land | ft² | 11,715 |
Lease-End Month | Jan |
Lease-End Year | 2026 |
Approximate Future Payments | $ 434,000 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 6 Months Ended | |||
Feb. 12, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Leases [Abstract] | ||||
Right of use of assets | $ 995,000 | $ 742,000 | ||
Right of use of assets | 1,700,000 | |||
Operating lease liabilities | 1,399,000 | |||
Current operating lease liabilities | 744,000 | 463,000 | ||
Non-current operating lease liabilities | $ 655,000 | $ 755,000 | ||
Weighted-average remaining term | 2 years | 3 years 1 month 6 days | ||
Lease maturity description | January 2025 and May 2027 | |||
Weighted-average discount rate | 8.90% | 9.50% | ||
Base rent | $ 22,926 | |||
Operating lease liabilities | $ 484,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Mar. 22, 2023 | |
Class of Stock [Line Items] | ||||||
Preferred stock par value | $ 0.00001 | $ 0.00001 | $ 0.00001 | |||
Preferred stock, shares authorized | 0 | 0 | 0 | |||
Preferred stock, shares issued | 0 | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||
Stock compensation costs | $ 218,000 | $ 336,000 | $ 682,000 | $ 1,257,000 | ||
Common Stock Warrants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Warrants expired | 1,500 | |||||
Number of warrants outstanding and exercisable | 454,580 | 454,580 | ||||
Weighted average exercise price ending exercisable | $ 65 | $ 65 | ||||
Weighted average remaining contractual life | 1 year 7 months 6 days | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares attributable to withholding tax | 8,000 | |||||
Conversion of restricted stock unit | 4,559 | |||||
Restricted Stock Units (RSUs) [Member] | Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Restricted stock options, granted | $ 160,000 | |||||
Series A Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock par value | $ 0.00001 | |||||
Preferred stock, shares authorized | 0 | 0 | ||||
Preferred stock, shares issued | 0 | 0 | ||||
Preferred stock, shares outstanding | 0 | 0 |
SCHEDULE OF STOCK BASED COMPENS
SCHEDULE OF STOCK BASED COMPENSATION EXPENSE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 218,000 | $ 336,000 | $ 682,000 | $ 1,257,000 |
Time Vested Option Inducement Awards [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 101,000 | 37,000 | 113,000 | 107,000 |
Time Based Restricted Stock Awards [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 117,000 | $ 299,000 | $ 569,000 | $ 1,150,000 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details Narrative) | Aug. 23, 2023 shares |
2023 Plan [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Shares reserved | 166,415 |
SCHEDULE OF MATCHING CONTRIBUTI
SCHEDULE OF MATCHING CONTRIBUTIONS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Group Personal Pension Plan, UK [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Company matching contributions | $ 30,000 | $ 35,000 | $ 65,000 | $ 68,000 |
CONCENTRATIONS (Details Narrati
CONCENTRATIONS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Concentration Risk [Line Items] | |||||
Total revenue | $ 8,702,000 | $ 5,043,000 | $ 17,300,000 | $ 12,231,000 | |
Accounts payable | 4,172,000 | 4,172,000 | $ 3,183,000 | ||
Inventory Purchase [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | |||||
Concentration Risk [Line Items] | |||||
Total revenue | $ 984,000 | $ 465,000 | $ 1,792,000 | 595,000 | |
Concentration risk percentage | 25% | 15% | 25% | ||
Inventory Purchase [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | |||||
Concentration Risk [Line Items] | |||||
Total revenue | $ 323,000 | $ 741,000 | $ 587,000 | ||
Concentration risk percentage | 10% | ||||
Purchase [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10% | ||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 22% | 18% | |||
Accounts payable | $ 938,000 | $ 610,000 | $ 938,000 | $ 610,000 | |
One Customers [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Total revenue | $ 1,341,000 | ||||
Concentration risk percentage | 15% | ||||
One Customers [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 11% | 16% | |||
Accounts receivable | $ 1,060,000 | 925,000 | $ 1,060,000 | $ 925,000 | |
Two Customers [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Total revenue | $ 1,062,000 | ||||
Concentration risk percentage | 12% | ||||
Two Customers [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 11% | 12% | |||
Accounts receivable | $ 1,058,000 | $ 688,000 | $ 1,058,000 | $ 688,000 |
SCHEDULE OF DISAGGREGATION OF R
SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | $ 8,702,000 | $ 5,043,000 | $ 17,300,000 | $ 12,231,000 |
Long-Lived Assets | 6,340,000 | 6,594,000 | 6,340,000 | 6,594,000 |
Equipment Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | 8,097,000 | 4,279,000 | 15,460,000 | 10,673,000 |
Installation, Integration and Repairs [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | 225,000 | 263,000 | 1,109,000 | 749,000 |
Warranties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | 380,000 | 501,000 | 731,000 | 809,000 |
North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | 4,013,000 | 1,721,000 | 7,785,000 | 4,888,000 |
South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | 2,000 | 38,000 | 18,000 | 227,000 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | 2,503,000 | 1,593,000 | 4,880,000 | 3,436,000 |
Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | 404,000 | 1,305,000 | 1,109,000 | 2,024,000 |
Rest of World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | 1,780,000 | 386,000 | 3,508,000 | 1,656,000 |
UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Long-Lived Assets | 3,293,000 | 2,174,000 | 3,293,000 | 2,174,000 |
NETHERLANDS | ||||
Disaggregation of Revenue [Line Items] | ||||
Long-Lived Assets | 24,000 | 23,000 | 24,000 | 23,000 |
UNITED KINGDOM | ||||
Disaggregation of Revenue [Line Items] | ||||
Long-Lived Assets | $ 3,023,000 | $ 4,397,000 | $ 3,023,000 | $ 4,397,000 |
REBATES (Details Narrative)
REBATES (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
UK Subsidiary [Member] | ||
Tax rebates | $ 374,000 | $ 329,000 |